UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
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M)'Q4Q*\XT2S^G--9+"Z\K&+0=TFW:TSGISY><;GENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of Earliest Event Reported): May 19,
2005
CoBiz Inc.
(Exact
name of registrant as specified in its charter)
Commission
file number 000-24445
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Colorado
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84-0826324
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(State
or other jurisdiction of incorporation or
organization)
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(IRS
Employer Identification No.)
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821 17th Street
Denver, Colorado
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80202
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(Address
of principal executive offices)
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MSLR+G/G2)2F&5%
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(Zip
Code)
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(303) 293-2265
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(Registrant’s
telephone number, including area code)
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Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 7.01. Regulation FD
Disclosure.
On May 19, 2005, executives of the Registrant presented
information at its Annual Meeting of Shareholders as described in the slides
attached to this report as Exhibit 99.1.
Exhibit 99.1 and the slides thereof are incorporated by reference
herein.
During this presentation, and in response to a shareholder inquiry,
Steven Bangert, our Chief Executive Officer, indicated that he presently
expected that our earnings per share for 2005 would be in line with analysts’
expectations for the year. Quarterly
earnings may vary because analyst’s models don’t capture the quarterly
seasonality of many of our businesses, including our banks. Mr. Bangert further stated that we likely
will have a one-time loss in the second quarter of this year due to a
previously disclosed one time settlement amount payable on an interest-rate
swap estimated to be approximately $300,000 that we entered into in January
2003, which effectively converted our fixed-interest-rate obligation under our
10% junior subordinated debentures to a variable-interest-rate obligation. We expect to redeem these debentures at par
in June of 2005 when they become callable, which will require settlement of the
interest-rate swap. As previously
disclosed, we are evaluating alternative funding sources to support continued
growth and Mr. Bangert indicated during the presentation that CoBiz expects to
pursue an equity offering during the fourth quarter of 2005 in order to raise
approximately $25 million to $50 million.
This report contains forward-looking statements that describe CoBiz’s
future plans, strategies and expectations. All forward-looking statements are
based on assumptions and involve risks and uncertainties, many of which are
beyond our control and which may cause our actual results, performance or achievements
to differ materia9(,WJ#3UNU-;3`N3:UM
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MSG'Y^@_8Y=Dlly from the results, performance or achievements contemplated
by the forward-looking statements. Forward-looking statements can be identified
by the fact that they do not relate strictly to historical or current facts.
They often include words such as “believe,” “expect,” “anticipate,” “intend,”
“plan,” “estimate” or words of similar meaning, or future or conditional verbs
such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements
speak only as of the date they are made. Such risks and uncertainties include,
among other things:
• Risks
and uncertainties described in our reports filed with the Securities and
Exchange Commission, including our most recent 10-K.
• Competitive
pressures among depository and other financial institutions nationally and in
our market areas may increase significantly.
• Adverse
changes in the economy or business conditions, either nationally or in our
market areas, could increase credit-related losses and expenses and/or limit growth.
• Increases
in defaults by borrowers and other delinquencies could result in increases in
our provision for losses on loans and leases and related expenses.
• Our
inability to manage growth effectively, including the successful expansion of
our customer support, administrative infrastructure and internal management
systems, could adversely affect our results of operations and prospects.
• Fluctuations
in interest rates and market prices could reduce our net interest margin and
asset valuations and increase our expenses.
• The
consequences of continued bank acquisitions and mergers in our market areas,
resulting in fewer but much larger and financially stronger competitors, could
increase competition for financial services to our detriment.
• Our
continued growth will depend in part on our ability to enter new markets
successfully and capitalize on other growth opportunities.
• Changes
in legislative or regulatory requirements applicable to us and our subsidiaries
could increase costs, limit certain operations and adversely affect results of
operations.
• Changes
in tax requirements, including tax rate changes, new tax laws and revised tax
law interpretations may increase our tax expense or adversely affect our
customers’ businesses.
In light of these risks, uncertainties and
assumptions, you should not place undue reliance on any forward-looking
statements in this report. We undertake
no obligation to publicly update or otherwise revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Item 9.01. Financial
Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
99.1 Shareholder
presentation made by executives of CoBiz Inc. on May 19, 2005.
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